HR Corner In expert hands by Christy Liu Unprecedented growth in finance sector creates recruitment quagmire The recruitment and retention of high-performing staff is currently a major concern for Hong Kong employers. Juliana Li, principal consultant, ProJOB21.com Ltd, points out, "Banking and financial institutions have been aggressively seeking quality people to help drive business growth." Indeed, as competition in the banking industry intensifies, employers are struggling to keep abreast of market trends and are offering increasingly comprehensive reward packages to entice employees. Operating concurrently are several initiatives to create new banking positions in an attempt to meet the growing financial needs of ever-more discerning and sophisticated customers, so recruitment drives are everywhere. Employers favour candidates with industry experience and relevant exposure, and ideally excellent communication and interpersonal skills. Finding people with the right personality attributes and commercial acumen is still a major challenge although employers are now quick to identify and reward the diamond members on their teams. "Viable alternatives include hiring people from related fields," Ms Li remarks. "However, making the right match takes considerable time and effort," she concedes. At ProJob21, a seasoned team of recruitment experts strive to remove the hassle involved in seeking and keeping the industry's best. "The right work-life balance promotes staff loyalty and a healthy working environment" For instance, with the rapid expansion of the wealth management sector, there is a huge demand for investment advisors. To meet a banking client's specific requirements, ProJOB21 successfully placed a seasoned equity research analyst on the job. Ms Li explains, "The success of such placements depends on highlighting candidates' experience in related areas, personality attributes and highly transferable skills." All-round process To assess individual candidates' competencies, ProJOB21 conducts extensive candidate searches and initial screening for its client companies. "The selection process is tailored to meet each client's specific requirements," Ms Li explains. "A comprehensive examination of a candidate's ability, personality and attitude can help match a candidate with a recruiter's organisational needs, culture and business dynamics, saving both employer and employee adjustment time." Hong Kong's position as a regional business centre poses further challenges. "Finding suitable talents with experience and exposure in other countries within the same region is a tough task," says Victoria Lam, a senior consultant. Hong Kong employers are increasingly valuing the cultural sensitivity and improved global awareness that well-travelled recruits bring to a firm and this is creating a strong demand for skills which are in short supply. "We often find rounded and high-calibre candidates already have several offers on the table. As an external consultant, we work closely with a client company's head of human resources or hiring manager to formulate effective hiring strategies," Ms Lam adds. This can prove tough as candidates with a solid CV covering each key area are very aware of their potential worth to a company. Employer obligations Leveraging the capabilities of recruitment consultants like ProJOB21 can make recruitment a less complicated process, but Ms Li says there are universal rules to follow as well as essential factors to consider. In particular, she advises following a well-structured and thoroughly thought-through recruitment procedure, which can definitely help minimise possible hiring hiccups. If the wrong person is hired, no matter how perfect they may seem during the interview process, major headaches can occur further down the line. To facilitate the hiring process, employers must draw up a recruitment blueprint containing details such as specific job requirements, career matrices, expectations and contingency plans. "It is also wise to present the company's strengths and infrastructure and project a positive image to candidates during any recruitment activities," Ms Lam stresses. "Recruiters, particularly those in the banking and finance sector, must take into account key factors such as incentives, training and development as well as business support and the company's development prospects," Ms Li adds. "Companies should also demonstrate a caring attitude because the right work-life balance promotes staff loyalty and a healthy working environment." According to Ms Li, elevated salary is a major way to attract quality people, but she also believes companies should offer candidates a clear career path and give more consideration to the personal life of employees. Ms Lam adds, "If a company is unable to offer the candidate's expected salary, other incentives should be considered to illustrate the company's keen interest in a candidate." In addition to facilitating placement process, ProJOB21's value lies in its expertise and up-to-date market knowledge and intelligence. "To expand and broaden a search, we encourage clients to consider candidates who may not have the most relevant technical background but possess highly transferable skills," Ms Lam concludes. Salient points * Making the right match takes time and effort * Working with external consultants ensures best solutions * Blueprint for recruitment necessary * Both salary and work-life balance important Taken from Career Times 7 March 2008, p. A20 Your comments are welcome at [email protected]